Hard Money Lenders Miami

To qualify for a hard money loan in Miami with Ridge Street you need:

• A Credit Score of 640+

• A profitable deal with at least a 10% ROI

• An LLC or a Corporation Registered In Florida

Ridge Street finances the following property types:

• Residential 1-4 Units

• Multifamily 5-25 Units

• Commercial

Depending on the sponsors experience and credit profile, rates range from 10.5%-11.25%. Ridge Street’s median rate for a hard money loan on a fix and flip in Miami is 10.75% interest only with no pre-payment penalty.

Ridge Street closes hard money loans in as little as 7 business days.

Ridge Street’s hard money loans are business purpose loans. This means that we can only lend to borrowers with entities (LLC or Corp) registered in Florida.

Absolutely. This is the main use of a hard money loan in Miami.

There are a number of ratios that Ridge Street uses to determine the Loan Amount. Put simply, for a first time investor we finance up to 80% of the Purchase + 100% of the Rehab. For an experienced investor, we finance up to 90% of the Purchase + 100% of the Rehab.

You can use a hard money loan to purchase and renovate a rental property. You can then refinance with a DSCR Loan (This is called the BRRRR Strategy). If the property is rent ready at purchase, there is no need for a hard money loan and you can go straight into DSCR financing.